All Forum Posts by: Al Siy

Yes, you should definitely get the condos bylaws and see the regulations on rentals.  Most around here have a 10% cap on units rented, so you could be on a waiting list to rent out your unit.

Also make sure to find out about how much the association has in reserve funds and if the expect any "special assessments"... Look at the past few board meeting minutes.
Good luck!

Yes that's not too unusual.  I just got a quote from Geico last week but they were a little high.  You will definitely need to talk to  them on the phone... online quotes usually aren't possible.

Just ask for a landlord policy.  I would suggest calling your local Farmers agent.  I always get ACV instead of replacement cost, but check with your lender on this.

Also check with your local REI group. Good luck!

That's just the name of the company! :)  Corner Keystone Construction Corporation

YES - I would definitely agree - check your local banks and credit unions. I looked into a lot of different options and most big name banks (including Wells Fargo who holds my mortgage) would only loan 80% LTV. But I was able to get 100% LTV with a local credit union. Good luck!

Just looking for some feedback about a potential SFR as a rental property in Roanoke, VA. I'm not too familiar with rentals in the Morningside neighborhood, so looking for any local feedback about tenants, vacancy, etc...

Property: 3 Bed/2 Bath, Built in 1925, ~1100 SQFt

1413 8th St Roanoke, VA 24013

Expected Rent: $650-$700

Vacancy?

Taxes: 68/month

Insurance: 45/month

Maint/CapEx: 105/month

Rehab to make rental ready:  washer, dryer, fridge, minor cosmetic painting, lighting, etc.

Budget:  $2,500

Timeline: 1 week

Financing:

Sale Price $44,950

Conventional 30yr, 15% down

My main 2 concerns:

1) it's been on the market for >1 year (although they did new flooring and kitchen cabinets in past 2 months to make more marketable).  Maybe a little bit of an odd history:  listed at 54K initially...then down to 34K...made some updates and bumped up to 49K

2) Neighborhood for rentals

Alright thanks everyone!  Yes, I just signed up for the Facebook page and looking forward to the next meetup.  

@Denny Troncoso yes I agree about the podcasts, they are great...I've listened to about 15 so far, but have a lot to go!  I like the ongoing joke with @Brandon Turner about the pronunciation of "rural", I'm learning a lot!

Hello everyone!

I figured I should finally send a message out - I've been following the forums and listening to the BP Podcasts for the past couple of months. There's so much great stuff on here, I'm still trying to take it all in! :)

My wife and I live in Roanoke, VA and we want to do a few flips per year but our main goal is to acquire SFRs and small multifamily as long term rentals. We currently have 1 rental property that we've had for a few years but are really looking to scale up in the next 2-3 years.

I've also been looking at some other areas like Lynchburg, VA and Charleston, WV as their cash flows for buy and holds seem more attractive. So I would definitely be looking to learn more about those markets too.

Anyway, feel free to contact me--I'm definitely looking to learn and connect more on BP!